U.S. crude gains $2 after tax hikes, spending cuts avoided

NEW YORK Wed Jan 2, 2013 9:15am EST

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NEW YORK Jan 2 (Reuters) - U.S. crude futures rose more than $2 on Wednesday, rallying after the U.S. Congress approved a deal to avert mandated tax hikes and spending cuts that many feared would send the economy into recession and curb demand for oil.

U.S. February crude was up $1.80 at $93.62 a barrel at 9:12 a.m. EST (1412 GMT), having traded from $91.56 to $93.87. (Reporting by Robert Gibbons; Editing by Gerald E. McCormick)